Debt Snowball & Avalanche Calculator
Enter all your debts and see which payoff strategy — snowball or avalanche — gets you debt-free faster and cheaper. Free, instant, no signup.
Your Debts
Snowball vs Avalanche: Which Should You Use?
Both methods use the same idea: pay the minimum on every debt, then throw every extra dollar at one target debt until it's gone, then roll that freed-up payment into the next one. The only difference is which debt you target first.
| Method | Targets First | Best For |
|---|---|---|
| ❄️ Snowball | Smallest balance | Motivation — fast early wins keep you going |
| 🏔️ Avalanche | Highest interest rate | Math — always the least interest and fastest payoff |
The avalanche method is mathematically optimal: by killing the highest-rate debt first, you stop the most expensive interest as early as possible. The snowball method usually costs a little more in total interest, but clearing a whole debt quickly gives a motivation boost that helps many people actually finish. For most Canadians carrying credit-card debt at 20%+ APR, the two methods often pick the same first target anyway.
How to Use This Calculator
- Add each debt with its balance, interest rate (APR), and minimum monthly payment.
- Enter any extra monthly payment you can add on top of the minimums.
- Click Compare to see your debt-free date and total interest under each method.
- Use the payoff order to know exactly which debt to attack first.
Frequently Asked Questions
Snowball targets the smallest balance first for quick wins; avalanche targets the highest interest rate first for the lowest total cost.
Avalanche always costs the least total interest and clears debt fastest, because it stops your most expensive interest first.
Clear anything above roughly 6–8% first — especially credit cards at 20%+ — since few investments reliably beat that after tax.
Enormously. Even a small consistent extra payment aimed at one target debt can cut years and thousands in interest off your payoff.